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Administrative Plan 7/1/2025 <br />. <br />Page 8-33 <br />project offers rent concessions (e.g., first month rent-free, or reduced rent) reported <br />monthly rents will be adjusted accordingly. For example, if a comparable project reports <br />rents of $500/month but new tenants receive the first month's rent free, the actual rent for <br />the unit would be calculated as follows: $500 x 11 months = 5500/12 months = actual <br />monthly rent of $488. <br />EXHIBIT 1